Orco Property Group won in the tender for a plot of 27 hectares in Prague 7 Bubny district, originally announced by Správa eleznièní dopravní cesty (SDC) and already signed the contract for €38.6 mln (CZK 1.1 bln). The plot, which has stood vacant and neglected for the last 20 years, is the only area of such a type and size in the Prague City Centre. As such, one of Orco's main goals is the rejuvenation and revitalisation of the prime Prague 7 Bubny district. Estimated investment into this project stands at €702 mln (CZK 20 bln).
Ales Vobruba, Senior Vice President of Orco Property Group, states: "We are obviously delighted to have won such an important tender in the very heart of the Czech capital. We are highly aware of the critical role this 27 hectare plot will play in the revitalisation of the surrounding area. Our goal over the next 10-15 years is to develop a mixed-use area on the land plot, inclusive of: a number of quality apartments, space for leisure activities, a sports and shopping centre, and high standard office space essentially a new, modern and lively district of 21st Century Prague."
Orco Property Group consistently works on the architectural solutions of their projects with local and internationally renowned architects, such as Daniel Libeskind and Coopers Robertson. The Prague Bubny project will not be an exception.
Orco Property Group is ready to cooperate closely with the Prague 7 municipality and Prague Town Hall on the preparation of this project, so that the final scheme is completely in line with their requirements for optimal transport solutions and general use of the whole area.
Source: Orco Property Group
